YPF
New York appeals court annuls YPF expropriation ruling against Argentina
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The U.S. Court of Appeals for the Second Circuit in New York overturned on Friday the first-instance ruling ordering Argentina to pay over $16 billion for the 2012 YPF expropriation. President Javier Milei hailed the decision as a historic victory and criticized former Kirchnerist officials. The ruling averts a massive payout, though Burford Capital said it will appeal.
Chief of Staff Manuel Adorni assumed on Friday as YPF's titular director representing the State, forgoing the corresponding fees. He replaces Guillermo Francos, who remains in another directorial role without additional pay. The appointment includes the Golden Share, enabling state veto on strategic decisions.
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Plaintiffs in the YPF expropriation lawsuit have asked Judge Loretta Preska to hold the Republic of Argentina in contempt for failing to provide personal text messages and emails from officials. This request is part of a discovery process to prove that the State and the oil company operate as a single entity. However, the judge recently suspended a prior order favoring the plaintiffs, offering temporary relief to Argentina.